9 Tips for New Investors: How to ‘Nail’ an Investment Style and ‘Fight Inflation’ | Personal finance | Finance

Budgeting is a simple process that involves adding up your total monthly expenses, which you can do by checking bank and credit card statements and deducting them from your net take home pay.

Ms Haines said: ‘It will also identify any areas where you are overspending so you cut back to free up more money for your savings and investment goals.’

Select your financial goals

Whether an investor wants to fund a child’s education, pay for a wedding, save for a deposit for a house, or fund a retirement, setting a clear goal pays off.

Ms Haines said: “Once you know what you want to save for, you can line up an investment calendar to fit that strategy.

“Saving for a vacation, for example, is a short-term goal, with cash accumulated for this purpose best kept in an easy-to-access savings account, as you will typically use the money within a year. . A child’s university education or financing your retirement are long-term goals more suited to investing in the markets.

Consult a financial coach

Before diving into the world of investing, it may be a good idea to get a second opinion from a qualified financial professional to ensure that the right path is chosen.

Ms Haines said: “Coaches can provide advice on any questions novice investors have on their investing journey. From identifying financial goals and how they might achieve them, to helping assess their risk tolerance and understanding how fees and taxes are applied. »

Coaching can also be much cheaper than paying for advice, with for example the 45-minute coaching service from Bestinvest, one of the free services of this type on the market.

Choose your investment vehicle

After consulting with a coach and determining a time frame, an attitude towards risk and what to invest in, the next step is to determine how to invest.